SE Asia Stocks-Most weak; Thai large caps fall amid weak baht

martes 12 de mayo de 2015 03:01 GYT

BANGKOK, May 12 (Reuters) - Southeast Asian stock markets
mostly fell on Tuesday, with the Thai benchmark touching a more
than six-week low due to selling in banks and large caps, but
the Indonesian index headed for a two-week closing high amid
inflows to select large caps.
    The Thai SET index was down 0.6 percent at 1,493.02,
earlier sliding to its lowest since March 27. The weakness sent
the index to a near oversold level, with the 14-day RSI at 35
versus an oversold indicator of 30 or lower.
    Shares of Kasikornbank dropped 1.4 percent, Krung
Thai Bank lost 1 percent and industrial conglomerate
Siam Cement was down 1.1 percent, among those actively
    Brokers cited concerns about the state of the domestic
economy and losses in the region after insufficient progress on
talks between debt-strapped Greece and its creditors.
    The Thai stock market has also been dominated by the weaker
baht and any recovery from the currency's decline will
see a market rally in beaten-up banks, according to strategists
at broker SCB Securities.
    "The baht seems overdone, at least in the short term. There
is no fundamental reason to buy in this market as it still
remains expensive on price to earnings (P/E) ratio, yet a weak
baht should revive exports, and tourists," they wrote in a
    The baht has fallen 2.61 percent so far this year,
the third worst after the Indonesian rupiah and
Malaysian ringgit. 
    Indonesia's index rose 0.7 percent to 5,208.42,
poised to end the day at the highest close since April 28.
Foreign investors bought shares of Tower Bersama Infrastructure
 and Bank Rakyat Indonesia, Thomson Reuters
data showed.
    Stocks in the Philippines rose for a second day after
exports rose for the first time in 4 months in March
    Singapore fell after two days of gains, Malaysia
 hit the lowest level since March 23 and Vietnam 
fell for the second session to a one-week low.
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 Change at 0640 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          3455.73       3470.80       -0.44
 Kuala Lumpur       1800.44       1805.49       -0.28
 Bangkok            1493.02       1501.30       -0.55
 Jakarta            5208.42       5172.48       +0.69
 Manila             7800.07       7777.90       +0.29
 Ho Chi Minh         546.52        551.67       -0.93
 (Reporting by Viparat Jantraprap; Additional reporting by
Orathai Sriring in Bangkok and Jongwoo Cheon in Singapore;
Editing by Biju Dwarakanath; Editing by xxxx)